Ideal Industries acquires

CEYLON TODAY | Published: 2:00 AM Dec 3 2020
FT Ideal Industries acquires

With over three decades of disruption to the local automotive, manufacturing and after-market solutions industry, Ideal Group, headed by visionary entrepreneur Nalin Welgama, in keeping with his ethos of growth through innovation, made a move pertinent with the ‘new normal’ by acquiring one of the pioneers in the Sri Lankan e-commerce industry,

Having invested heavily in developing capacity in the Sri Lankan automotive sector, Founder and Executive Chairman of the Ideal Group of Companies, Nalin Welgama, is determined  that a Sri Lankan built and operated company be in the forefront of e-commerce in Sri Lanka. “The Ideal Group has and always will be driven by innovation, hence our foray into the digital space with is both timely and appropriate,” Welgama said adding “We promise to strengthen, making it the most valuable e-commerce company in Sri Lanka. The collaborative synergies of the Ideal Group of Company’s island-wide touch points will further enable us to provide an unmatched service, hitherto not experienced.” commenced operations in 2012 and since then has grown to be a household name in Sri Lanka. 

Indeed, Takas was the first company to introduce cash on delivery (CoD), and enable the tokenization of credit cards. Since inception Takas has taken great pride in being a Sri Lankan company that has served Sri Lankans both here and abroad, adding value and giving satisfaction. Furthermore, the technology stack which Takas operates on has been built completely in-house, and to date has enabled e-commerce businesses in Sri Lanka as well as overseas markets. 

Speaking at the launch, which was limited to a few stakeholders, due to the Covid situation, Welgama said “e-commerce is the way of the future and is the new normal. e-commerce is here to stay, and even when the Covid situation eases, our lifestyles and methods of business have been irrevocably transformed. We will focus on expanding market share as more companies move their businesses online.  As per statistics, Sri Lanka’s annual domestic e-commerce sales value including services is an estimated US$ 40-60 million. This is expected to grow to US$ 400 million by 2022-23. “Currently, only 0.3% of Sri Lanka’s total annual retail sales (US$13 billion) are via e-commerce, thus the opportunity is huge.”  Since its acquisition by the Ideal Group, has quickly expanded into the gift giving segment, daily essentials, and cakes/flowers. “We will be working with Sri Lankan suppliers and empowering them, giving them the ability to function on a basis of ‘business as usual’ during these difficult times”. Takas’ new location on Rosmead place too is more convenient and better equipped to service their customers.

Subsequent to the acquisition, the existing management team including Lahiru Pathmalal will remain to guide the company through its transition and will work together with the Ideal team for a stipulated period in their current roles, ensuring a seamless transition. 

CEYLON TODAY | Published: 2:00 AM Dec 3 2020

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